A ________ is a final good and ________ is an intermediate good
A. new car bought by a student; a used SUV bought by a dealer
B. new textbook; used textbook
C. new iPhone bought by a student; new computer bought by Wal-Mart
D. tank of gasoline bought by you; jet fuel bought by Southwest Airlines
D The gasoline has been purchased by its ultimate user, so it is a final good; the jet fuel purchased by Southwest Airlines will be used to help produce an service, airline flights, so it is an intermediate good.
You might also like to view...
The higher the price of the good measured on the vertical axis, other thing remaining the same, the flatter the budget line
Indicate whether the statement is true or false
Consumer equilibrium requires that the marginal utility per dollar spent be the same for all goods
a. True b. False Indicate whether the statement is true or false
A compensated increase in the price of a good:
A. causes the consumer to buy more of the good if the income effect is larger than the substitution effect. B. causes the consumer to buy more of the good if the income effect is smaller than the substitution effect. C. always causes the consumer to buy more of that good. D. always causes the consumer to buy less of that good.
If the MPC is 0.9, and the government cuts spending by $200b, the overall effect on GDP will be:
A. an increase of $2,000b. B. an increase of $180b. C. a decrease of $1,800b. D. a decrease of $2,000b.